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Summary of Weekly Petroleum Data for the Week Ending September 8, 2017

Summary of Weekly Petroleum Data for the Week Ending September 8, 2017

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U.S. crude oil refinery inputs averaged 14.1 million barrels per day during the week ending September 8, 2017, 394,000 barrels per day less than the previous week’s average. Refineries operated at 77.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.9 million barrels per day. Distillate fuel production decreased last week, averaging about 4.0 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 603,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 7.6 million barrels per day, 7.4% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 556,000 barrels per day. Distillate fuel imports averaged 136,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.9 million barrels from the previous week. At 468.2 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories decreased 8.4 million barrels last week, but are in the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.2 million barrels last week but are in the middle of the average range for this time of year. Propane/propylene inventories increased by 2.3 million barrels last week and are in the middle of the average range. Total commercial petroleum inventories increased by 1.7 million barrels last week.

Total products supplied over the last four-week period averaged over 20.4 million barrels per day, down by 0.8% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.6 million barrels per day, up by 0.2% from the same period last year. Distillate fuel product supplied averaged over 4.0 million barrels per day over the last four weeks, up by 10.4% from the same period last year. Jet fuel product supplied is down 0.3% compared to the same four-week period last year.


Black Blade: This week's EIA Petroleum Inventory Status Report is MODERATELY BEARISH as inventories overall (minus gasoline and diesel) are surging and tankers are anchored offshore as ports just begin to reopen after Hurricane Harvey passed on through. Refinery utilization is at a pathetic 78% as refineries are recovery from floods along the Texas coast. It could be weeks before refineries are back to speed. Meanwhile, the double whammy with Hurricane Irma barreling through the Southeast means clean up efforts and loss of business may negatively impact energy demand in the short term. We continue to add physical silver to the portfolio and have added Dorchester Minerals (DMLP) once again to the fold.

As always, get out of debt and stay out of debt, accumulate physical silver and gold bullion as :portfolio insurance". and stockpile long term supplies of nonperishable food and basic necessities. After all, we do "live in interesting times".